Whether you are seeking an agreement for a prospective partnership or vendor services, protecting the future of your business interests starts with drafting a strong contract with your attorney. Not only can a thorough agreement legally protect you but, if done right, it may help you and the other party thrive in the relationship. While there certainly are situations when it is necessary, the last thing a business owner wants for their company is to wind up in court when a dispute may have been preventable.
Adhere to state and federal laws
First and possibly foremost, your contract is virtually useless if it ignores Pennsylvania and United States laws regarding your business operations. If you are not careful, your company could face a government shut down before it even gets off the ground.
Avoid self-indulgence
One key to fostering a good business relationship is to ensure that agreements are mutually beneficial. If they come off as self-serving and leave the other party with little to work with, the nature of the relationship between your two entities may suffer. Serve to protect your interests, of course, but do so in a way that ultimately protects the bond your agreement represents.
Be clear and detailed
Most contracts bear a lot of weight. If you muddy up the details with ambiguous language or long-winded, unnecessary passages, you may make yourself a target for litigation should issues arise down the road. It may seem obvious, but consider the golden rule: how would you want a contract to read if you were about to invest your time and assets into a partnership?
